8 Tips for selecting a financial adviser

I have been looking into the work of the ADF Financial Services Consumer Council. This organisation, commendably, provides comprehensive, expert and free financial education for it’s very large workforce. The employer, sees it has a duty of care to it’s staff to provide these services to it’s employees. Bravo!

I think the video link below is a brilliant beginners guide to selecting an adviser, for any Australian consumer. Here are 8 steps in assessing the adviser in front of you:

  1. Check whether the adviser is properly licensed or authorised
  2. Ask questions about the ownership of the adviser’s business and assess whether that will have an impact on the advisers recommendations
  3. Ask how the adviser gets paid and how that may affect their recommendations
  4. Ask about your adviser’s education and experience
  5. Make sure that any advice you receive is put in writing before you act
  6. Understand what ongoing services you will receive, and how much they will cost
  7. See a number of advisers, shop around until you find the person you feel most comfortable with
  8. Remember you’re looking for an adviser not a product salesperson

Make a cuppa, and enjoy the video.

Ben